More defined benefit news – Page 50
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NewsEmployers look to modify USS proposals in light of inflation
On the go: Universities UK, the group representing 340 employers in the Universities Superannuation Scheme, has proposed temporarily removing a cap on inflationary increases proposed as part of its solution to the scheme’s controversial 2020 valuation, following member concerns.
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NewsGovernment sets 5% target for LGPS investment in local areas
On the go: Local Government Pension Scheme funds have been asked by the government to set out plans for investing up to 5 per cent of their assets in projects that support local areas, according to the new ‘Levelling up’ white paper.
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NewsHow pension schemes can help the UK meet its sustainability goals
Tackling climate change is high on the agenda for pension scheme trustees, and with COP26 only recent history, taking action has never felt more pressing. However, trustees must be careful to balance this with generating investment returns.
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NewsPPF announces specialist panel to assist with overfunded schemes
On the go: The Pension Protection Fund has appointed Hymans Robertson, LCP, Barnett Waddingham and PwC to provide transaction advice to schemes in assessment that are overfunded on a PPF basis.
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NewsEngineering company completes DB section full buy-in
On the go: The Stantec Pension Plan (UK), which comprises the Stantec UK Defined Contribution section, Stantec UK Defined Benefit section, and Stantec Treatment Defined Benefit section, has completed a full buy-in for its Treatment DB section with Just.
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NewsDWP reveals lack of applications for GMP compensation
On the go: The Department for Work and Pensions has confirmed that nobody has applied for guaranteed minimum pensions compensation, despite the publication of a factsheet designed to boost member awareness of the issue.
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NewsNorthern Bank agrees two buy-ins, Phoenix signs reinsurance deals
Riskwatch: A roundup up of the latest derisking transactions, including Northern Bank Pension Scheme’s two buy-in transactions with Aviva, and Phoenix Group’s two longevity reinsurance transactions with a MetLife subsidiary.
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NewsGovt proposes ‘find and view’ dashboards amid public sector delay
The government will be moving forward with the ‘find and view’ functionality on pensions dashboards from launch day, despite industry concerns about the size of the task ahead, while it acknowledged that public sector schemes will only be onboarded in 2024 due to the “considerable work” caused by the McCloud remedy.
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NewsManufacturing company agrees £75m buy-in
On the go: The Triplex Lloyd Final Salary Plan has agreed a circa £75m bulk annuity transaction with Legal & General Assurance Society for the Doncasters section of the defined benefit scheme.
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NewsProfit warnings from DB sponsors jump two-thirds
On the go: Profit warnings issued by UK-listed companies with defined benefit pension schemes leapt by 69 per cent between the third and fourth quarters of 2021.
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NewsUCU confirms strike action in February over USS dispute
The University and College Union has confirmed its members will participate in another round of industrial action in February in response to the ongoing dispute with employers over the Universities Superannuation Scheme.
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NewsOmbudsman cracks down on trustees with new anti-scam unit
The Pensions Ombudsman has launched a new specialist team dedicated to investigate breaches of trust, and allegations of dishonest and fraudulent behaviour by pension scheme trustees.
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NewsIndependent school teachers to strike over scheme withdrawal
On the go: Teachers working in the Girls’ Day School Trust’s independent schools have voted to strike over the trust’s plan to exit the Teachers’ Pension Scheme.
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NewsStrong start is key to dashboards success, study finds
On the go: The pensions dashboards initiative needs to hit the ground running and offer a comprehensive ‘find and view’ service from its point of launch in order to maximise its chances of success, according to Ipsos Mori research.
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NewsUCU proposes solution to avoid further USS strikes
The University and College Union has presented a new set of proposals it says will avert future strike action over Universities Superannuation Scheme benefits.
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NewsDefined benefit transfers fall to lowest level in four years
On the go: The number of defined benefit transfers has fallen to its lowest level since 2018, according to data from XPS Pensions Group.
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NewsFOS has 98% uphold rate for BSPS transfer cases
On the go: The Financial Ombudsman Service has revealed it has a 98 per cent uphold rate for British Steel Pension Scheme complaints against companies that gave transfer advice.
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NewsTPR to accept CDC applications from August
The Pensions Regulator has published its draft code of practice governing authorisation for collective defined contribution schemes, and is set to begin accepting applications from August.
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NewsTPR to publish new CDC code before the end of January
The Pensions Regulator will be consulting on a new code of practice for the authorisation and supervision of collective defined contribution pension schemes before the end of January, chief executive Charles Counsell has revealed.
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NewsFiduciary managers downplay pandemic disruptions
More than three-quarters of fiduciary managers endured control failures in 2020, despite “widespread claims” to the contrary, according to a new report from IC Select.